News Corp buys Saudi Rotana stake for $70m

Rupert Murdoch’s News Corp has reached an agreement to buy a 9.1 percent stake in Saudi-based Rotana Media Group for $70 million.

News Corp has an option to raise its holding to 18.2 percent in the 18 months following completion of the current deal, according to a statement released by the entertainment firm, which is controlled by Saudi billionaire Prince Alwaleed bin Talal.

“This is a qualitative leap not just for Rotana but for the whole Arab world,” Prince Alwaleed bin Talal told a press conference. “We are set to gain deep experience from News Corp … on television, movie production and technology.”